Andre Iggy, Russell Westbrook and Josh Smith get ambushed about the Bush Tax Cuts

[EL PRESIDENTE]

http://deadspin.com/5653512/

haha

pretty good shit.

[video=youtube;lJlTKr0uqMw]

 

[MickZagger]

Oh shoot, a guy with an $80 mil contract is only making $40 mil after taxes. My heart goes out to them.

 

[Rodolfo]

"We might make a lot of money but, we also spend a lot of money."
-you know who

 

[julius]

Isn't the top tax bracket purported to be 39%?

Is that really "half"?

The Bush tax cuts lower it what, 3%?

 

[Nate4Prez]

"How do they feel about losing half of their income to the Obama tax increases?"

That's not even an accurate question. First, it's not half. Second, they are not tax increases that Obama made, he just isn't extending the ridiculous Bush tax cuts. Finally, with or without the tax cuts being extended each one of them will pay more each year in taxes than I will pay in my lifetime.

 

[toutlaw25]

"How do they feel about losing half of their income to the Obama tax increases?"

That's not even an accurate question. First, it's not half. Second, they are not tax increases that Obama made, he just isn't extending the ridiculous Bush tax cuts. Finally, with or without the tax cuts being extended each one of them will pay more each year in taxes than I will pay in my lifetime.

Your hatred for Bush has left you delirious. Do you honestly think his tax cuts were "ridiculous." If you're all about paying higher taxes be my guest. You can pay mine for me. Regardless of how "rich" the rich are, a 40% tax rate is absurd.

 

[OSUBlazerfan]

Isn't the top tax bracket purported to be 39%?

Is that really "half"?

The Bush tax cuts lower it what, 3%?

I dont think so, i know people that make 150k that pay 40%, millionaires pay 50%

 

[toutlaw25]

I dont think so, i know people that make 150k that pay 40%, millionaires pay 50%

Um no. 150k sticks you with a marginal tax rate of 28%.

 

[OSUBlazerfan]

Um no. 150k sticks you with a marginal tax rate of 28%.

Why do i pay like 33% in taxes and i dont even make a lot of money?

 

[julius]

Why do i pay like 33% in taxes and i dont even make a lot of money?

I would guess you're including state taxes.

I don't know how how accurate this is, but http://www.moneychimp.com/features/tax_brackets.htm is a website I found.

 

[OSUBlazerfan]

I would guess you're including state taxes.

I don't know how how accurate this is, but http://www.moneychimp.com/features/tax_brackets.htm is a website I found.

Yea im including everything, but for the millionaires, that everything is 50% or higher

 

[julius]

Yea im including everything, but for the millionaires, that everything is 50% or higher

depending on the state they live in. In Oklahoma, they're taxed at 5%.

In Georgia, 6%.

Pennsylvania? 3.07%

Where are you getting the 50% #'s from?

 

[OSUBlazerfan]

depending on the state they live in. In Oklahoma, they're taxed at 5%.

In Georgia, 6%.

Pennsylvania? 3.07%

Where are you getting the 50% #'s from?

In Oregon most likely, my bro in law makes like 150k/yr and he pays 40% total taxes

 

[toutlaw25]

Why do i pay like 33% in taxes and i dont even make a lot of money?

Not sure how that's possible unless your including state taxes with that figure or something. It doesn't add up. Edit....a little late.

 

[julius]

In Oregon most likely, my bro in law makes like 150k/yr and he pays 40% total taxes

That's not possible. The highest rate he'd pay Uncle Sam, is 28%. And Oregon's top ITR is 9.

I'm not sure how taxes are taken out (as in, the order). Is it state rate first THEN US, or together at the same time.

Not that the 3% difference is "ha! you're wrong, luzah!".

BUT...if your BIL does make 150K per year, do you know how much his taxes increase if the tax cuts end?

1%. I'm not saying 1% is nothing.

*edit*

i read the rates wrong. The rates would go from 28% right now, to 33%.

 

[julius]

wait, if he makes under 250, his rates should (in theory) remain the same. So..um..strike 2 for me.

 

[toutlaw25]

If you make say 260k and anything over 250k puts you in a 40% tax bracket, you are not taxed at 40% for your entire taxable income. The only income that is taxable at the 40% rate is anything you make above 250. Everything else is taxed at the lower tax brackets.

 

[Paxil]

Why do i pay like 33% in taxes and i dont even make a lot of money?

Do you get a refund? Withholding rates are different that what you may be responsible for when you do your taxes.

 

[Denny Crane]

Taxes. They're everywhere.

FICA, state witholding for unemployment and medical, property taxes, taxes on your cell phone bill, sales tax, state income tax. For top bracket people the overall tax is over 50%.

 

[julius]

Taxes. They're everywhere.

FICA, state witholding for unemployment and medical, property taxes, taxes on your cell phone bill, sales tax, state income tax. For top bracket people the overall tax is over 50%.

Wouldn't the % of taxes taken out of the rich still be over (or right at) 50% regardless of what happens to the tax cuts?

And excuse me if I don't feel bad for the top 2% of our country.

 

[Denny Crane]

Wouldn't the % of taxes taken out of the rich still be over (or right at) 50% regardless of what happens to the tax cuts?

And excuse me if I don't feel bad for the top 2% of our country.

No, and I don't feel bad for the top 2% either, but 50% taxes is excessive.

 

[julius]

No, and I don't feel bad for the top 2% either, but 50% taxes is excessive.

I agree it's excessive. But I think the point the host was making was a bad one, because the rate doesn't increase significantly under Obama, and the implication he's making is that it does.

Also, the taxes that you listed, are important taxes to pay.

 

[Denny Crane]

I agree it's excessive. But I think the point the host was making was a bad one, because the rate doesn't increase significantly under Obama, and the implication he's making is that it does.

Also, the taxes that you listed, are important taxes to pay.

There's another way to look at it.

From 35% to 39.6% is a 14+% tax hike.

 

[julius]

There's another way to look at it.

From 35% to 39.6% is a 14+% tax hike.

Isn't that being a little misleading to say it that way?

It's not like he's paying 14% more taxes.

 

[Denny Crane]

He is paying 14% more taxes.

Using some round numbers...

If he earned $100K and paid 35% taxes, his tax bill was $35K. At 39.6%, he pays $39.6K. he's paying an additional $4.6K, which is a 14+% increase. If his tax bill went up by $3.5K, it'd be a 10% increase.

Make sense?

 

[Denny Crane]

I should add that if congress does nothing and lets the Bush tax cuts expire, the guys in the lower tax brackets will see an even higher tax hike than 14%. The tax cuts were progressive - guys in the lower tax brackets saw their taxes cut by far more than 14%.

 

[julius]

He is paying 14% more taxes.

Using some round numbers...

If he earned $100K and paid 35% taxes, his tax bill was $35K. At 39.6%, he pays $39.6K. he's paying an additional $4.6K, which is a 14+% increase. If his tax bill went up by $3.5K, it'd be a 10% increase.

Make sense?

14% of 100,000 is 14000.

He's not paying 14000 more in taxes.

That's why it's misleading.

 

[Denny Crane]

14% of 100,000 is 14000.

He's not paying 14000 more in taxes.

That's why it's misleading.

You have a logic fault.

Your example, he'd be paying an additional 14% in taxes, not a 14% increase in his taxes. See?

 

[julius]

You have a logic fault.

Your example, he'd be paying an additional 14% in taxes, not a 14% increase in his taxes. See?

Thus why it's misleading.

 

[agoo]

I think its only misleading if you struggle with reading comprehension or basic math concepts. Not saying that you do either, but you're fighting a worthless fight here.